1 / 16

INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION

INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION Governor’s Housing Conference September 27, 2013. Chickie Grayson President & CEO Enterprise Homes, Inc. Enterprise Homes, Inc. Development arm of Enterprise, based in Baltimore

steven-floyd
Télécharger la présentation

INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. INNOVATIVE MULTIFAMILY DEVELOPMENTS: REHABS, RENOVATIONS, AND NEW CONSTRUCTION Governor’s Housing Conference September 27, 2013 Chickie Grayson President & CEO Enterprise Homes, Inc.

  2. Enterprise Homes, Inc. • Development arm of Enterprise, based in Baltimore • One of the mid-Atlantic’s largest developers of high-quality affordable and market-rate housing communities • Over 5,400 residences completed • Mixed-income/workforce • Homeownership • Family and Senior Rental Communities • Award-winning communities throughout the region • Commitment to sustainable development

  3. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY Proposal to HUD for Operation Breakthrough • Built in 1971 using the Rouse-Wates System • 100 units: efficiencies, 1- and 2-bedrooms • 100% Section 8

  4. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House)

  5. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY LIHPRHA Program – 1997 • Assumption of Section 236 mortgage • Modest renovation ($3 million) • Eyesore and neighborhood nuisance

  6. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY Strong Real Estate Market ~ Great Recession (’08) = NO GO

  7. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SEIZE THE OPPORTUNITY New Issue Bond Program – 2010 • Close by December 2011 • We DID it!!! (and then it got extended)

  8. Enterprise Homes, Inc.

  9. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) BEFORE AFTER Efficiencies 7 0 One-Bedroom 42 36 Two-Bedroom 5164 Total: 100 100

  10. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) SCOPE OF WORK • Replace major capital items: Windows, HVAC, Roof, Generator • Upgrade Elevators • New kitchens (appliances, cabinets, countertops, flooring, lighting, etc.), bathrooms (all fixtures, flooring) • Add carpet to all units • Create common/community space • (8) unit addition • Reconfigure certain units • Increase Energy Efficiency • Designed to meet Enterprise Green Communities Criteria

  11. Enterprise Homes, Inc. • HARPER HOUSE (Formerly Abbott House) FINANCING TDC: $21,688,940 Sources: • Tax-exempt bonds • Interim Income • MEEHA Grant (MD CDA) • Seller Take-Back • Deferred Developer Fee • LP Tax Credit Equity

  12. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL • 9% LIHTC • Couldn’t Score on QAP; pent up LIHTC demand SEIZE THE OPPORTUNITY RENTAL HOUSING WORKS

  13. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL FINANCING TDC: $14,621,523 Sources: • Tax-Exempt Bonds • FHA • Taxable Bonds • 4% LIHTC • Rental Housing Works • Partnership Rental Housing • HOME Funds • Federal Home Loan Bank – Atlanta • Empower Maryland • Deferred Fee

  14. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL

  15. Enterprise Homes, Inc. • THE GREENS AT ENGLISH CONSUL

  16. Chickie GraysonPresident & CEOEnterprise Homes, Inc.cgrayson@enterprisehomes.comTel: 410.332.7400 www.EnterpriseCommunity.com

More Related